Condo Insurance Protects Your Personal Belongings
When you live in a condo, you are responsible for insuring your personal belongings. The building in which you live should have insurance coverage. But that coverage does not include your belongings.
Condo insurance helps you protect your financial well-being in the event of a disaster. This is especially important if you have several valuable belongings that could be stolen or damaged.
Condo insurance is sometimes called “”walls in”” insurance. This is because it tends to focus on or exclusively cover damage to the interior of your unit. This policy usually covers everything from damage to the walls of the structure inwards. This is because you are not responsible for other parts of the building or the surrounding property. Flood damage is usually excluded, so you should ask your insurance provider before buying a policy.
The policy can also include coverage for damage to the walls inside your unit. If there is a fire inside your unit that damages the walls, then the insurance should cover the expense. Depending on the details of your policy, the insurance may pay for loss of electronics, books, clothes and other valuables. Another perk of condo insurance is personal liability protection. This is for if someone sues after being injured in your unit.